TV Azteca appoints new CEO

Mexico's TV Azteca , the country's second-largest broadcaster, on Thursday named Benjamín Salinas as is its new chief executive officer, following a challenging year that has hit the company's share price hard.

Salinas, 32, whose billionaire father Ricardo Salinas controls the company, replaces Mario San Román, who has held the job for more than a decade.

Shares of the company have fallen more than 54 percent this year, on track for the stock's worst ever annual performance, according to Reuters data. Rising costs have squeezed margins at the firm, whose biggest domestic competitor is Televisa.

TV Azteca's stock was up nearly 6 percent in early afternoon trade after the announcement, to 2.83 pesos per share.